In the battered retail group, Cramer has been standing behind J. Crew and Costco , and not much else. He did, however, say that VF Corp., the company behind The North Face brand, was “cheap.” He also liked the 3% yield.

He questioned whether the New York Stock Exchange would be able to get regulatory approval for such a deal. Middle Eastern investors would surely love to have a stake in the NYSE, Cramer said, but he couldn’t see the U.S. government endorsing that. No matter where they come from, any investor who has the cash to pony up for a piece of a publicly traded company should be afforded that opportunity, according to Cramer.